Clovis Oncology files $200M shelf registration
BOULDER – Biopharmaceutical company Clovis Oncology Inc. (Nasdaq: CLVS) on Friday filed a shelf registration for up to $200 million-worth of securities, replacing a similar registration from 2013 that is expiring.
The filing gives the Boulder-based company the flexibility to conduct an offering more quickly at some point in the future if Clovis were to need cash or market conditions became favorable for an offering.
Friday’s filing notes that through the registration the company could offer some combination of common stock, preferred stock, warrants and/or debt securities not to exceed $200 million.
SPONSORED CONTENT
People Powered: Preparing Longmont Businesses for Economic Success
Longmont Chamber and FNBO present People Powered on April 24, 2024, aiming to inform business owners about workforce development, housing, and transportation issues.
In its first-quarter earnings report, Clovis reported cash and cash equivalents of $220.4 million. Company officials also noted in the report that Clovis, as of March 31, had existing working capital to fund operations through at least the next 12 months, indicating that an offering from Friday’s registration isn’t likely imminent.
Clovis shares took a hit Friday, dropping 7.4 percent from Thursday’s close to $14.11.
Clovis is developing a variety of cancer drugs, including rucaparib, for which the company plans to complete its new drug application submission to the U.S. Food and Drug Administration as it seeks approval for the drug in the treatment of ovarian cancer.
The company announced in May that it was eliminating 35 percent of staff and contractor positions. That move was in response to the company pulling the plug on lung cancer drug candidate rociletinib after receiving notice that the company would not receive accelerated FDA approval for the drug.
